PAKISTAN HOSIERY MANUFACTURERS & EXPORTERS ASSOCIATION
37-H, BLOCK-6 P.E.C.H.S., KARACHI-PAKISTAN
TEL: 0092-21-34522769, 34522685, 34544765 FAX: 0092-21-4543774
REF. NO. PHMA/CIR-006/2010
ALL MEMBERS OF THE ASSOCIATION
Subject: SBP Loans under FAPE II
Further to the meeting held on 6th January 2010 on the subject.
During the above meeting various suggestions were discussed in order to alleviate the problems related to FAPE II, such as requesting grant of one year moratorium in FAPE-II loans by State Bank of Pakistan.
As you are aware, exporters usually obtain loans from SBP under FAPE II to meet their working capital requirement with the condition that they would export double of the loan under FAPE II. However, in view of existing worst economic situation and collapsed textile sector, most of the exporters who export their textile products would not be in a position to achieve the target of exports as required by SBP for obtaining loan under FAPE II.
All members affected by FAPE-II are requested to furnish their views / suggestions on the issue through letter addressed to the undersigned, in order to enable the association to address this issue effectively.
Thanks & Best Regards,